In short
- You may have heard that central banks are buying gold. The official figures say they are: about 850 tonnes in 2025, and 170 tonnes in 2026 to the end of August, where data was available.
- Gold made up 27 per cent of official foreign reserves at the end of 2025, more than the euro or US government bonds.
- Most of that rise in share came from gold’s higher price, not only from more gold.
- These figures show what central banks did. They do not say where gold’s price goes next.
A headline you have probably heard
“Central banks are buying gold.” It turns up in news clips, podcasts and dealer emails. It sounds big, and it can be hard to tell how much of it is fact. The official figures follow, in plain words, with what they do and do not tell you.
What a central bank holds, and why gold is part of it
A central bank, such as the Reserve Bank of Australia, holds reserves. Reserves are assets kept for a rainy day: other countries’ money, other governments’ bonds, and gold.
Gold has a long history in that role. Until 15 August 1971, foreign central banks could swap US dollars for gold. The United States suspended that on that day, and the system built around it was abandoned in March 1973. Gold stayed in the reserves anyway.
How much they have added
The World Gold Council collects what central banks report. Its figures for August 2026 show net buying of 39 tonnes in the month, and 170 tonnes for the year to the end of August, where data was available.
| Who, August 2026 | Tonnes added |
|---|---|
| China | 20 |
| Uzbekistan | 8 |
| Poland | 8 |
| All reported | 39 |
In August 2026, China added 20 tonnes, Uzbekistan 8 tonnes and Poland 8 tonnes. All central banks that reported added 39 tonnes between them.
For the full year 2025, the European Central Bank puts central bank purchases at around 850 tonnes.
Gold’s share of reserves
The European Central Bank also looked at what reserves are made of. At the end of 2025, gold was 27 per cent of all official foreign reserves. The euro was 15 per cent and US government bonds 22 per cent.
The ECB adds an important point. Most of that change came from prices. Gold’s price had risen, so the gold already held was worth more. Measured at end-2023 prices, gold would have been 16 per cent, the euro 16 per cent and US government bonds 26 per cent.
| Share of reserves | End-2025 | At end-2023 prices |
|---|---|---|
| Gold | 27% | 16% |
| US government bonds | 22% | 26% |
| Euro | 15% | 16% |
At end-2025 values, gold was 27 per cent, US government bonds 22 per cent and the euro 15 per cent. At end-2023 prices, gold would have been 16 per cent, bonds 26 per cent and the euro 16 per cent.
So both things are true. Central banks have been adding gold, and a higher price has made the gold they hold count for more.
Where the gold is kept
For at least one central bank, the quality of the bars counted, not only the amount. In April 2026 the Banque de France reported that the 129 tonnes it held in New York, 5 per cent of its gold, were sold and replaced with gold of the highest standard in Europe. It gave the reason as the standard of the bars, and reported a gain of 11 billion euros in 2025.
It is a reminder that the form and the place of gold count, for a central bank and for you. The paper gold and allocated metal articles in this library go into that for a personal holding.
What the figures do not say
These are records of what central banks did. They do not say why each one did it, and they say nothing about where gold’s price goes next. The figures are about gold, and say nothing about silver.
My view
My own view is that real assets, gold and silver among them, have a bigger part to play in the financial system we are moving into. Silver is the metal I prefer, because it gets used, not only stored. That’s my opinion. You don’t have to share it or agree with it.
One easy next step
If you would like the money lessons in order, from what bullion is to how it is kept, the free lessons by email walk through each one in plain words. All you need is your first name and email.
Nicholas holds some of the assets discussed in this article.
Education only, not personal or financial advice.